Fifth Third Bancorp (NASDAQ:FITB) Stock: Insider Jude Schramm Sells 20,000 Shares

Fifth Third Bancorp (NASDAQ:FITB) EVP Jude Schramm sold 20,000 shares of the firm’s stock in a transaction on Monday, October 26th. The stock was sold at an average price of $53.14, for a total value of $1,062,800.00. Following the transaction, the executive vice president directly owned 121,460 shares of the company’s stock, valued at approximately $6,454,384.40. This represents a 14.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Fifth Third Bancorp Stock Up 1.9%

Shares of FITB opened at $54.48 on Friday. The stock’s 50-day moving average price is $52.76 and its two-hundred day moving average price is $52.00. Fifth Third Bancorp has a 12 month low of $40.68 and a 12 month high of $59.50. The company has a market capitalization of $49.41 billion, a PE ratio of 18.28, a PEG ratio of 1.09 and a beta of 0.97. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Monday, October 19th. The financial services provider reported $1.13 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.27. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%. The company had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.34 billion. During the same quarter in the prior year, the firm posted $0.91 earnings per share. The business’s quarterly revenue was up 42.4% on a year-over-year basis. On average, analysts anticipate that Fifth Third Bancorp will post 4.10 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were issued a $0.42 dividend. The ex-dividend date was Wednesday, September 30th. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a yield of 3.1%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 57.53%.

Analysts Set New Price Targets

Several research analysts have issued reports on FITB shares. Royal Bank Of Canada lowered their price target on shares of Fifth Third Bancorp from $62.00 to $60.00 and set an “outperform” rating for the company in a report on Tuesday, October 20th. Stephens reduced their price objective on shares of Fifth Third Bancorp from $61.00 to $59.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 21st. Bank of America increased their price objective on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Citigroup lifted their target price on shares of Fifth Third Bancorp from $62.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, October 22nd. Finally, Evercore upgraded shares of Fifth Third Bancorp from an “in-line” rating to an “outperform” rating and set a $60.00 target price on the stock in a report on Wednesday, October 21st. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Fifth Third Bancorp has an average rating of “Moderate Buy” and a consensus target price of $60.77.

Institutional Investors Weigh In On Fifth Third Bancorp

A number of hedge funds have recently added to or reduced their stakes in FITB. Wellington Management Group LLP grew its holdings in Fifth Third Bancorp by 20.2% in the second quarter. Wellington Management Group LLP now owns 23,653,758 shares of the financial services provider’s stock worth $1,333,362,000 after purchasing an additional 3,972,795 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of Fifth Third Bancorp during the second quarter valued at about $1,324,903,000. Bank of America Corp DE bought a new position in shares of Fifth Third Bancorp during the 2nd quarter worth about $995,717,000. Dimensional Fund Advisors LP boosted its position in shares of Fifth Third Bancorp by 30.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 10,918,284 shares of the financial services provider’s stock worth $507,151,000 after purchasing an additional 2,569,479 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Fifth Third Bancorp by 16.6% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,384,087 shares of the financial services provider’s stock worth $416,241,000 after purchasing an additional 1,049,520 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Its principal subsidiary, Fifth Third Bank, provides banking and financial services to individuals, businesses, government entities and institutional clients.

The company’s offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit and debit cards, treasury management, cash management and payment-processing services. Through its wealth and asset management businesses, Fifth Third also provides investment management, brokerage, trust, private banking and financial planning services.

Fifth Third primarily serves customers across the Midwest and Southeast, with a branch and banking-center network spanning states including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee and West Virginia.